Market Clubhouse Morning Memo - February 9th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, And TSLA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.

Our proprietary formula, exclusive to Market Clubhouse, dictates these price levels. This dynamic equation takes into account price, volume, and options flow. These levels are updated every day and shared with all Clubhouse Members, prior to the opening of the market.

We recommend closely monitoring these stocks, and be prepared to leverage potential breakouts or reversals. As always, stay alert and ready to adjust your tactics based on the market's pulse to optimize your trading gains. Now, let's dive into the stock analysis:

SPDR S&P 500 ETF Trust

The SPY SPY is currently trading around our level of 498.93. For the bulls, a push above this to 500.17 would be ideal. Achieving and maintaining momentu above 500.17 could see the SPY reaching towards 500.91. A solid hold at 500.91 during regular trading might lead to a climb towards 501.74, with the day's bullish peak potentially hitting 502.85.

Conversely, if the SPY fails to sustain above 498.93, the bears might aim for a downward push to 498.17. A bearish presence could further drive the SPY to test 497.55. Breaking through this level might see a fall to 496.93, with a substantial sell-off potentially bringing the day's lowest bear target to 495.96.

Invesco QQQ Trust Series 1

The Q's QQQ are hovering around the pivotal level of 433.64. Bulls aiming for control would ideally keep the price above this level, setting sights on 434.76 as the next significant support. If the momentum persists, 435.88 could come into play, possibly extending to 436.58. A strong bullish market could push the Q's to test a high at 437.47.

Should the Q's struggle to maintain above 433.64, bears might seek to lower the price to 432.84. Weakness at this level could lead to further tests at 431.82. Persistent selling could challenge the support at 431.18, with a significant downturn potentially reaching the day's bearish extreme at 430.16.

Apple Inc.

 Apple's AAPL trading activity is centered around 188.56. Bulls will aim to solidify this as a support base, looking to rally towards 189.44. With continued positive momentum, the next target could be 190.52, with an ultimate bullish objective for the day at 191.57.

If Apple cannot maintain support at 188.56, a bearish push to 188.20 might ensue. Further selling pressure could lead to a drop to 187.50. If bears continue to dominate, 186.35 might come into focus, with a significant bearish move potentially bringing the price down to 185.86.

Microsoft Corp.

Microsoft's MSFT current trading position is at 414.56. Bulls will focus on maintaining levels above this, with an initial target of 416.32. A successful hold at this level could prompt a rally to 417.25, with the day's bullish cap set at 419.17.

If Microsoft fails to hold at 414.56, bears might look to decrease the value to 413.14. A breach of this level could lead to further declines to 411.72. Persistent bearish pressure might see a drop to 410.64, with the lowest bear target for the day at 409.69.

NVIDIA Corporation

NVIDIA NVDA is trading around a key level of 699.77. Bulls would aim for an upward push to 702.04, establishing it as a new support level. A successful claim might lead to a further rally to 704.92, with the day's bullish pinnacle at 707.35.

If NVIDIA cannot sustain support at 699.77, a bearish move to 694.62 could be expected. Failure to hold this level might see a decrease to 690.73. With continued selling, 687.29 might be tested, with a significant bearish trend possibly bringing the price to the day's lowest target of 682.70.

Alphabet Inc Class A

Alphabet GOOGL is trading near 146.89. Bulls will look to hold this as a base and push upwards to 147.68. Sustained bullish momentum could see a further rise to the day's high target of 148.24.

Should Alphabet fail to maintain 146.89 as support, bears might drive the price down to 145.94. A continued bearish trend could lead to tests at 144.72, with a significant downturn potentially reaching a low at 143.77.

Meta Platforms Inc

Meta's META current trading level is at 472.19. Bulls will aim to keep the price above this level, targeting an initial rise to 473.93. Strong buying could push the price further to 477.50, with the day's bullish zenith at 480.96.

If Meta fails to find support at 472.19, a bearish descent to 470.28 could follow. Persistent selling might see a drop to 465.81. A significant bearish trend could lead to a further decline to the day's lowest bear target at 462.20.

Tesla Inc.

Tesla TSLA is trading around a crucial mark of 191.52. Bulls will look to elevate the price to 193.81. With continued buying, the next level to watch would be 195.91, with a bullish rally potentially targeting 200.43. In a strong bull market, Tesla could reach the high target of 204.33.

However, if Tesla cannot maintain 191.52 as a support level, a bearish shift could see a test at 189.22. Further selling might lead to 186.10 being tested. If the bearish momentum continues, a significant drop to the day's lowest bear target of 184.10 could be expected.

Final Word: Today's market activity is highlighted by the release of Seasonal CPI Factor Revisions at 8:30 AM ET. These revisions, crucial for reflecting recent price movements in the Consumer Price Index, ensure accurate accounting for seasonal price variations. Additionally, a speech from Dallas Fed's Lorie Logan could influence market volatility. With CPI data on the horizon early next week, today might also witness strategic positioning by institutional traders. Good luck and Happy Friday!

The Morning Memo is curated by RIPS, a pro trader with years of experience in equities, options, and futures trading. RIPS is at the heart of the exclusive Market Clubhouse community, offering his insights, expertise, and real-time mentorship.

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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.